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Budget 2023: Huge Income Tax Relief, Infra And Jobs Push Ahead Of 2024: 10 Points

February 1, 2023
Bharat Times English News

Budget 2023: Nirmala Sitharaman to present Union Budget today

New Delhi:
Union Finance Minister Nirmala Sitharaman announced a big-ticket budget ahead of next year’s general elections that included huge capital outlay in infrastructure and agriculture sectors and tax slab changes, giving huge relief to the middle class.

Here’s Your 10-Point Cheatsheet On Budget 2023

  1. In a major effort for income tax relief ahead of the election year, the government has simplified the slabs in the new tax regime. Union Finance Minister Nirmala Sitharaman said that while there will be no tax on income up to Rs 7 lakh in a year – above Rs 5 lakh – the country’s highest tax bracket has been reduced from 42.74 per cent to 39 per cent.

  2. In the new tax system, there will be five slabs instead of six, which will be the default system. Taxable income of Rs 0-3 lakh (after all exemptions) will be nil, 5% tax on Rs 3-6 lakh; 10 per cent on Rs 6-9 lakh; 15 per cent on 9-12 lakhs; 20 per cent on 12-15 lakhs and 30 per cent above that.

  3. The investment limit for Monthly Income Scheme for Senior Citizens and Senior Citizen Savings Scheme has been increased.

  4. government has outlined On the seven priority areas in the last full budget before next year’s general elections, Ms Sitharaman said, “Inclusive growth, reaching the last mile, infrastructure and investment, capacity building, green growth, youth power and unleashing the financial sector”. are areas.

  5. The finance minister said that in the next fiscal year, capital investment outlay would be increased by 33% to Rs 10 lakh crore – which would be 3.3 per cent of GDP in fiscal year 2023-2024.

  6. The farm credit target has been raised to Rs 20 lakh crore and in another populist measure, the allocation for the PM Awas Yojana has been increased by 66 per cent to Rs 79,000 crore.

  7. For Railways, the minister has announced an outlay of Rs 2.4 lakh crore – the highest in almost a decade and four times last year’s budget. Comparing it with the last year of the Congress-led UPA government, he said, “This is almost nine times the outlay made in 2013-14.”

  8. For ease of doing business and to settle commercial disputes, the government will bring another dispute resolution scheme under Vivad se Vishwas-2. The minister said that there will be a one-stop solution for matching IDs created by various government agencies. PAN will be used as a common identifier for all digital systems of specified government agencies.

  9. Ms Sitharaman said that with a focus on switching to green fuel, the government is targeting 5 MT of green hydrogen production by 2030.

  10. The fiscal deficit target of 6.4 per cent will be retained in the revised estimates for the current financial year. Ms Sitharaman said it would be reduced to 5.9 per cent of GDP for the next fiscal year 2023-2024.